THE JAMES ISLAND CLOTHING COMPANY Worksheet 12/31/18 Account Title Adjusted Tria
ID: 2589221 • Letter: T
Question
THE JAMES ISLAND CLOTHING COMPANY Worksheet 12/31/18 Account Title Adjusted Trial Balance Debit Credit Cash $95,700 Accounts Receivable 12,000 Inventory 4,400 Office Equipment 26,000 Truck 18,000 Accumulated Depreciation—Plant Assets $6,000 Accounts Payable 5,500 Note Payable—Short Term 10,000 Note Payable—Long Term 33,000 Common Stock, $10 par, 100,000 shares authorized, 10,000 shares issued & outstanding 100,000 Retained Earnings Dividends 1,000 Sales Revenue 15,000 Cost of Goods Sold 3,600 Rent Expense 2,000 Advertising Expense 800 Depreciation Expense 6,000 $169,500 $169,500 Transaction Data for 2018 (Note, these transactions were included in the trial balance numbers above.) Cash paid for purchase of office equipment $6,000 Cash paid for purchase of truck 5,000 Acquisition of Property, Plant, and Equipment with Notes Payable—Long-term 33,000 Cash payment of dividends 1,000 Cash receipt from issuance of common stock 100,000 Requirements: (See sheet tabs at bottom. Use each sheet for the following requirements.) Use Excel Skills in completing these requirements. You must use formulas and functions, cell references, and professional formatting. 1. Prepare the James Island Clothing Company multi-step income statement for the six months ended December 31, 2018. Include the EPS at the bottom. Also include a vertical analysis column at the right and perform a vertical analysis of the income statement. (Use percentage format with 1 decimal place.) 2. Prepare the James Island Clothing Company balance sheet for the six months ended December 31, 2018. Include a vertical analysis column at the right and perform a vertical analysis of the balance sheet. (Use the percentage format with 1 decimal place.) 3. Prepare the James Island Clothing Company statement of cash flows for the six months ended December 31, 2018. Use the indirect method. 4. Complete the analysis of the financial statements as directed on the Analysis sheet. THE JAMES ISLAND CLOTHING COMPANY Worksheet 12/31/18 Account Title Adjusted Trial Balance Debit Credit Cash $95,700 Accounts Receivable 12,000 Inventory 4,400 Office Equipment 26,000 Truck 18,000 Accumulated Depreciation—Plant Assets $6,000 Accounts Payable 5,500 Note Payable—Short Term 10,000 Note Payable—Long Term 33,000 Common Stock, $10 par, 100,000 shares authorized, 10,000 shares issued & outstanding 100,000 Retained Earnings Dividends 1,000 Sales Revenue 15,000 Cost of Goods Sold 3,600 Rent Expense 2,000 Advertising Expense 800 Depreciation Expense 6,000 $169,500 $169,500 Transaction Data for 2018 (Note, these transactions were included in the trial balance numbers above.) Cash paid for purchase of office equipment $6,000 Cash paid for purchase of truck 5,000 Acquisition of Property, Plant, and Equipment with Notes Payable—Long-term 33,000 Cash payment of dividends 1,000 Cash receipt from issuance of common stock 100,000 Requirements: (See sheet tabs at bottom. Use each sheet for the following requirements.) Use Excel Skills in completing these requirements. You must use formulas and functions, cell references, and professional formatting. 1. Prepare the James Island Clothing Company multi-step income statement for the six months ended December 31, 2018. Include the EPS at the bottom. Also include a vertical analysis column at the right and perform a vertical analysis of the income statement. (Use percentage format with 1 decimal place.) 2. Prepare the James Island Clothing Company balance sheet for the six months ended December 31, 2018. Include a vertical analysis column at the right and perform a vertical analysis of the balance sheet. (Use the percentage format with 1 decimal place.) 3. Prepare the James Island Clothing Company statement of cash flows for the six months ended December 31, 2018. Use the indirect method. 4. Complete the analysis of the financial statements as directed on the Analysis sheet.Explanation / Answer
1. Income statement for six months ending 31/12/2018
Vertical analysis
2. Balance sheet as on 31/12/2018
Vertical analysis
3. Cash flow state,ent for six months ended 31/12/2018
4. Analysis sheet not provided
Sales $15,000 Less: COGS $3,600 Gross profit $11,400 rent expense $2,000 Advertising expense $800 Depreciation $6,000 Net income $2,600 EPS $0.26Related Questions
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